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Another step taken on way to ABI-BBA merger

The merger between the ABI and the British Bankers&#39 Association has taken one step nearer to completion as consultancy KPMG has told the two that it sees no problems with the merger, Money Marketing understands.

Its report is not yet officially finalised but KPMG is understood to have said that there are no insurmountable hurdles to the two trade bodies becoming one.

The consultancy was asked in March to look at whether it made sense for there to be a single trade body, given the accelerated pace of consolidation in the industry.

Those in favour say a large body will be able to take on the FSA and Treasury more effectively while those in opposition are concerned that a single body would be muted because of differing interests.

One industry insider says: “If this merger is to work well, the organisations will have to review their ways so they do not merge two bureaucracies and simply end up with one large bureaucracy.”

Aegon head of industry development Peter Williams says: “I think it is inevitable. If you look at what the two organisations represent, there is definitely a move towards banks and life offices working together.”

BBA head of media relations Brian Capon says: “I believe the report is still in its final stages. It will have to go to the BBA council before we comment publicly on it.”


Kat and dogs…

After meeting Reservoir Dogs&#39 star Michael Madsen last week, Mainland PR Kat Milne has apparently been acting (even more) strangely.Aside from wearing a dodgy black suit and tie to work every day (not too much change there), Kat was overheard asking a stroppy journalist: “Are you going to bark all day, little doggy or are […]

Tory leader blames price cap for lack of advice

Pension providers are losing money on every stakeholder scheme they sell, said Conservative leader Iain Duncan Smith in a hard-hitting speech attacking the Government&#39s flagship pension last week.Entering the pension fray for the first time, Duncan Smith said savers are not getting the advice they need when they buy a pension, blaming stakeholder&#39s price cap.He […]

Exeter Friendly Society – Interplan Euro

Friday, 5 July 2002Type: Private medical insurance for expats living in Spain, Portugal orGibralter for a minimum of 180 days a yearMinimum-maximum ages: 18-79Maximum benefit: Level 1 15,000 euros, level 2 75,000 euros, level 3150,000 eurosCover provided: Hospital charges, specialist services, parentalaccommodation, out-patient treatment, out-patient services, GPconsultations, physiotherapy, complementary treatment, oncology,home nursing and private ambulanceCharges: […]

Moves at the top for Norwich Union Life

Aviva, formerly CGNU, has promoted Philip Scott to become executive chairman of Norwich Union Life. His expanded role will encompass being appointed to the board of CGU France and will also work closely with the board of Delta Lloyd, its Dutch subsidiary. Gary Withers will become chief executive of Norwich Union Life and will have […]


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